Colleges raise record $33.8 billion exceeding U.S. peak in 2009

Stanford University led all institutions, according to a report released by the Council for Aid to Education in New York. The school near Palo Alto, California, raised $931.6 million in donations, after setting a single-year record in 2012 by collecting more than $1 billion. Stanford has topped the list for a decade.

College giving is accelerating and endowments have rebounded, offering relief to institutions that have struggled to balance budgets amid a weak economic recovery. While the stock market drives fluctuations in annual giving, the number of big donations received by colleges shows they’ve been working harder at building relationships, said Ann Kaplan, director of the council’s survey.